Integrity Life raises $43 million to continue building the future of life insurance.
Announcement posted by Integrity Life 02 Oct 2020
Integrity Life secured $43 million in their recent series B round of funding. There was a strong interest in the raise, that took place before and during COVID-19. Given the instability of the global economy, this significant investment is being viewed by the market as further endorsement of the importance of Integrity’s digital-led positioning. The majority of the capital has come from institutional funds managed by Schroder Investment Management (Switzerland) AG, a member of the Schroders group (“Schroders”), with support from existing institutional shareholders Leadenhall Capital Partners and Daido Life, and smaller parcels coming from Australian and International sophisticated investors. The money will be used to support the expansion of operations and continued development of their digital-led insurance offering.
Chairman Eric Dodd, said of the investment “We’re thrilled to have the confidence and backing of Schroders, who have recognised that our approach to Life Insurance in Australia is changing the game. Our ethos of ‘digital when you want it, human when you need it’ allows us to marry the convenience of technology with an empathetic approach that guides everything we do. In an industry that is crying out for innovation, we’re excited that this injection will enable us to bring more Australian firsts and step-change improvements to both the financial adviser and customer experience”.
Scott Mitchell, Portfolio Manager for Life Insurance Linked Securities at Schroders said, “We are excited to support Integrity Life in its next phase of growth as it continues to strengthen its position in the Australian life market. The investment provides Schroders’ investors with a rare opportunity to support a digital-focused business that provides access to diversifying life insurance risks, such as mortality, critical illness and disability.”
In 2019, Integrity Life became the first Life Insurer to win an Australian Good Design Award, for the innovative experience their Adviser Portal provides. The start-up, that opened their doors in mid 2018, now protects more than 60,000 customers across both their Group and Retail books. They continue to win design and customer experience awards as well as being named by LinkedIn as one of Australia’s top start-ups to work for. Eric Dodd continues “we are on a growth trajectory, despite the backdrop of COVID-19 and a possible global recession, our low-cost operating model and flexible technology systems give us a significant advantage to adapt and pivot to keep pace with change. We are very excited about the future and what we’ll be bringing to market”.
About Integrity Life – Life insurance that’s all about you!
Integrity Life Australia Limited (Integrity Life) is a customer-focused innovative life insurance provider, with a commitment to bringing integrity to life insurance and helping Australians when they need it most. Using the latest technology, Integrity Life offers advisers and customers an easier and more transparent experience, and faster access to modern, flexible and fair solutions. Integrity Life is privately owned by local and offshore investors, including specialist insurance investor Leadenhall Capital Partners, and established life insurer Daido Life Insurance Company. Visit www.integritylife.com.au for more information.
About Schroders
Schroders is responsible for GBP 525.8 billion of clients’ assets1. Clients are major financial institutions including pension funds, banks and insurance companies, local and public authorities, governments, charities, high net worth individuals and retail investors. Schroder Investment Management (Switzerland) AG acts as investment manager to certain collective investment schemes and/or investment vehicles invested in Insurance Linked Securities, and is a leading global provider of ILS investment solutions. Schroder Investment Management (Switzerland) AG is a Swiss regulated fund management company and asset manager for collective investment schemes authorized and supervised by the Swiss Financial Market Supervisory Authority FINMA.
About Leadenhall Capital Partners
Leadenhall Capital Partners is an asset manager focused on managing life and non-life insurance linked investments with over US$5.7bn assets under management, with offices in the UK, Bermuda and in the United States. Established in November 2008, Leadenhall Capital Partners has made investments in companies at various stages of their growth cycle, as it has the expertise to identify promising investment opportunities whilst also backing companies which may provide access to attractive life and health related risk for its investment portfolios.